Stress Can Kill
May 26, 2023 20:17:17 #
In the 1987 stock market crash there were several secondary tragedies around the country due to some investors taking far too much risk. They were simply not prepared for the level and intensity of such losses.
Every broker was affected differently, but some were affected more intensely. Our clients more often reflect the attitude of their broker. My clients rode this financial rollercoaster better than most, and weathered the storm as I had cautioned them in advance of such things could happen. Their accounts had recovered completely by the end of the year, and most were reaching new highs.
I apologize in advance for telling these stories, but there were two suicides in my office over time. A young female, on the advice of the branch manager, to try to make it by promoting CDs, or even treasuries. Those might work for a big producer, but not a beginner. She was found dead in a hotel in Austin from a drug overdose. Another broker from my office jumped from the seventh floor of a downtown parking garage. He had been under psychiatric care but guess it wasn’t working.
In Miami Florida, an individual living there on a government’s witness protection program had been doing high-risk option trades as well as commodity futures reacted much more deadly. Upon learning of his losses, he drives to a pawn shop and purchased a handgun, ammunition, and a briefcase.
He then went to his Merrill Lynch office and requested to see his manager and broker. In this meeting, the client blamed both his broker and the manager for allowing him to get so deep into risky investments.
He then drew his weapon, kills the branch manager, permanently injuries the broker then turns the gun on himself, committing suicide! No matter how experienced an investor is, they are seldom ready for clearly complicated details.
Sometimes, you must stand up and throw the challenge back. I had one case before Merrill Lynch where a disgruntled employee threatened my life for firing him. Had we known his full work history he would never have been hired! He called raving and ranting, and I laughed at him.
When he threatened my life, in response I said, come on over. I will shoot you dead on sight! Then he threatened me with a lawsuit for character assassination. I was expecting that and had a copy of a private investigator who had found he had lied about his qualifications more than once and to several different companies. It would be fun to hear his response to those reports. What had he thought about that?
I believe in being a gentleman and treating others kindly. But there are times when one has to kick ass and take names! Just Sayin…RJS
Every broker was affected differently, but some were affected more intensely. Our clients more often reflect the attitude of their broker. My clients rode this financial rollercoaster better than most, and weathered the storm as I had cautioned them in advance of such things could happen. Their accounts had recovered completely by the end of the year, and most were reaching new highs.
I apologize in advance for telling these stories, but there were two suicides in my office over time. A young female, on the advice of the branch manager, to try to make it by promoting CDs, or even treasuries. Those might work for a big producer, but not a beginner. She was found dead in a hotel in Austin from a drug overdose. Another broker from my office jumped from the seventh floor of a downtown parking garage. He had been under psychiatric care but guess it wasn’t working.
In Miami Florida, an individual living there on a government’s witness protection program had been doing high-risk option trades as well as commodity futures reacted much more deadly. Upon learning of his losses, he drives to a pawn shop and purchased a handgun, ammunition, and a briefcase.
He then went to his Merrill Lynch office and requested to see his manager and broker. In this meeting, the client blamed both his broker and the manager for allowing him to get so deep into risky investments.
He then drew his weapon, kills the branch manager, permanently injuries the broker then turns the gun on himself, committing suicide! No matter how experienced an investor is, they are seldom ready for clearly complicated details.
Sometimes, you must stand up and throw the challenge back. I had one case before Merrill Lynch where a disgruntled employee threatened my life for firing him. Had we known his full work history he would never have been hired! He called raving and ranting, and I laughed at him.
When he threatened my life, in response I said, come on over. I will shoot you dead on sight! Then he threatened me with a lawsuit for character assassination. I was expecting that and had a copy of a private investigator who had found he had lied about his qualifications more than once and to several different companies. It would be fun to hear his response to those reports. What had he thought about that?
I believe in being a gentleman and treating others kindly. But there are times when one has to kick ass and take names! Just Sayin…RJS
May 27, 2023 08:19:40 #
Big dog
Loc: Bayshore, Long Island, New York
Robert J Samples wrote:
In the 1987 stock market crash there were several ... (show quote)
👍👍👍👍👍👍👍👍
May 27, 2023 10:03:13 #
kandydisbar
Loc: West Orange, NJ
Robert J Samples wrote:
In the 1987 stock market crash there were several ... (show quote)
Scary stuff.
2008 was no picnic either
May 27, 2023 12:34:08 #
Kandy: You are absolutely correct. We are now grown and must accept reality. I have conversations now with a high school classmate who is dying of cancer. He even has a hard time talking and I just attempt to lift his spirits for as long as he has left. Just Sayin...RJS
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